Published on 1/14/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $16.1 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 14 – Credit Suisse AG, London Branch priced $16.1 million of trigger callable contingent yield notes with daily coupon observation due July 13, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon of 12.5% per year if each index’s closing level is at or above its coupon barrier, 70% of its initial level, on each day that quarter.
The notes are callable at par of $10 on each quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. is acting as distributor.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger callable contingent yield notes with daily coupon observation
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Underlying indexes: | S&P 500, Russell 2000 and Nasdaq-100
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Amount: | $16,095,000
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Maturity: | July 13, 2021
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Coupon: | 12.5% per year, payable quarterly if each index closes at or above its coupon barrier on each day that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on each quarterly observation date other than final one
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Initial levels: | 2,574.41 for S&P, 1,426.552 for Russell, 6,551.847 for Nasdaq
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Coupon barriers: | 1,802.09 for S&P, 998.586 for Russell, 4,586.293 for Nasdaq; 70% of initial levels
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Downside thresholds: | 1,544.65 for S&P, 855.931 for Russell, 3,931.108 for Nasdaq; 60% of initial levels
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Pricing date: | Jan. 8
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Settlement date: | Jan. 11
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Distributor: | UBS Financial Services Inc.
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Fees: | 1.25%
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Cusip: | 22549Y495
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